Reports now suggest that a panel in the Senate will hold a hearing on the “current state of the stock market,” after Congressmen from both parties supported one.
Bloomberg now reports that incoming Senate Banking Chairman, Sherrod Brown, will hold a hearing on the “current state of the stock market,” as ordinary daytraders face off against hedgefunds in a massive short squeeze of GameStop stocks, netting Americans huge profits as shorters face losses of around $70 billion.
Accusations had already been flying of collusion and corruption between Robinhood and Wall Street, with some users highlighting that Robinhood’s “primary revenue stream” last year was from selling orders to hedgefunds like Citadel Securities. Citadel bailed out Melvin Capital, the hedgefund that took the biggest hit from their attempt to short GameStop.
https://nationalfile.com/breaking-senate-panel-to-hold-hearing-on-current-state-of-stock-market/
My take: both D and R will fake outrage at the unfairness bur will do nothing. Too much money for the elites involved.
The Senators will have a panel on an issue between their big donors and others. Hmmm. Wonder how that will come out LOL!
I saw an old Three Stooges short today, made me think of the Gamestop shorts story.
I remember Trump during his rallies in 2016 quite often saying he wanted to change the tax laws for hedge funds because they gave hedge funds a very unfair advantage. It was one of the things that he never had a chance to do, probably got zero support from Congress.